Bank of Nova Scotia Takes $22.81 Million Position in State Street Corporation $STT

Key Points

• Bank of Nova Scotia acquired 134,510 shares of State Street worth approximately $22.81 million, joining other institutional investors that increased their positions. Institutional investors own 87.44% of STT.
• State Street reported stronger-than-expected quarterly results, with EPS of $3.65 and revenue of $4.05 billion, up 23.3% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $185.38.
• The company raised its quarterly dividend from $0.84 to $0.92 per share, implying an annualized dividend of $3.68 and a 2.0% yield; meanwhile, insiders have sold roughly $8.42 million of stock over the past 90 days.

Bank of Nova Scotia acquired a new position in State Street Corporation (NYSE:STT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 134,510 shares of the asset manager's stock, valued at approximately $22,813,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC purchased a new stake in State Street during the 4th quarter valued at $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock worth $2,885,000 after purchasing an additional 918 shares during the last quarter. NewEdge Advisors LLC increased its holdings in State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock valued at $913,000 after purchasing an additional 5,226 shares during the period. Empowered Funds LLC raised its position in State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock valued at $2,065,000 after purchasing an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP raised its position in State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock valued at $2,182,000 after purchasing an additional 6,767 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

State Street Stock Up 0.0%

NYSE:STT opened at $187.22 on Monday. The firm's 50-day moving average price is $180.11 and its 200-day moving average price is $153.94. The company has a market capitalization of $51.43 billion, a PE ratio of 16.51, a P/E/G ratio of 0.77 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.18.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $3.88 billion. During the same period last year, the company posted $2.04 EPS. State Street's revenue was up 23.3% on a year-over-year basis. On average, equities analysts predict that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This is a positive change from State Street's previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street's payout ratio is 29.63%.

Wall Street Analyst Weigh In

STT has been the topic of several research analyst reports. Morgan Stanley boosted their target price on State Street from $183.00 to $195.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Evercore set a $200.00 price target on shares of State Street in a report on Monday, July 20th. Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. raised their target price on shares of State Street from $176.50 to $187.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 4th. Finally, The Goldman Sachs Group lifted their target price on shares of State Street from $168.00 to $194.00 and gave the company a "buy" rating in a research note on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $185.38.

Insider Activity

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares of the company's stock, valued at $6,781,829.78. The trade was a 3.46% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 49,576 shares of company stock worth $8,415,875. Insiders own 0.27% of the company's stock.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source